Charles Dunn Company Completes $4.9 Million Sale of 32-Unit Multifamily Property in Koreatown Neighborhood of Los Angeles, CA

Janet Neman

LOS ANGELES, CA, July 29, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.9 million sale of a non-rent controlled, 32-unit multifamily property located at 932 Irolo St. in the Koreatown neighborhood of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented buyer, Engine Real Estate, LLC from Los Angeles, as well as the seller, a private investor from Beverly Hills. The closing cap rate was 5.5 percent.

Built in 1927 in Art Deco design, the property was 97 percent occupied at the close of escrow and includes 24 studio units and eight one-bedroom units. On-site amenities include upgraded units and common areas, laundry room, secured access, and an intercom system.

Bryan Glenn

“The seller decided to add value by fully renovating the asset in order to maximize value and buyer attention,” said Neman. “The buyer plans to make some small improvements that include providing additional amenities, and improving overall property management and operations of this vintage property.”

With its central location close to Downtown Los Angeles, Hollywood, and Mid-City, Koreatown continues to experience strong rental growth, investment demand, and an influx of renters seeking renovated, high-end apartments.

“932 Irolo is a very unique asset because of its non-rent controlled status despite its 1920s vintage,” noted Glenn. “This transaction was a perfect example of maximizing the potential for multifamily units in Koreatown through repositioning and high-end renovations to attract quality tenants at great rental rates and ultimately a strong sale price.” 

Glenn added that the Charles Dunn team received multiple offers very quickly and selected the buyer based on the strength of its offer, experience, and qualifications.

The asset is located in the amenity-rich heart of Koreatown north of Olympic Boulevard, south of 8th Street and just east of Western Avenue. It is adjacent to the Seoul International Park and is walking distance to the purple line Metro stop at Wilshire / Normandie, as well as the Robert F. Kennedy Schools.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

949.278.6224